May peace be with you!
"Anyway, like I was sayin', Boo is the fruit of the forest. You can barbecue him, boil him, broil him, bake him, sauté him. Dey's uh, Boo-kabobs, Boo creole, Boo gumbo. Pan fried, deep fried, stir-fried. There's pineapple Boo, lemon Boo, coconut Boo, pepper Boo, Boo soup, Boo stew, Boo salad, Boo and potatoes, Boo burger, Boo sandwich. That- that's about it."
Pvt. Benjamin Buford 'Hoofy' Blue
You wanna little whips and change? Today's action has had a little bit of everything as the red spread to green screens and back and the critters are tetherballin' the tape. Snapper's earlier slapper was a tough nut for our young bear as the semis never blinked and the tape wouldn't sink. That, combined with the traction in the brokers, sucked up the slack and kept the Minx on track.
Outside of the sector specific action, the meat and potatoes are nonevents. For all their press and earlier mess, both Intel (INTC:NASD) and Yahoo! (YHOO:NASD) are within spittin' distance of unchanged. Bank One (ONE:NYSE) is skewing the BKX and masking some slippage in the other money centers so that, too, must be considered a push. Breadth, which is the ultimate harbinger of the internal health, is flat as mat.
We know that corrections can take place either as a function of either time or price. It's not a mutually exclusive endeavor, mind you, but the intramarket rotation has to embolden the Hoofster. As discussed, there's "room" up to S&P 1150 and the bulls seem intent on giving it a go. There's no guarantee we get there (obviously) but it's a level that's gotten loud in trading circles. For my part, I wanna key on our mainstay tells and stay light and tight.
Tomorrow is expiration (already?) and that will likely mean that the bells will bookend the action. The lion's share of activity typically occurs on the days prior to the actual expiry although there will surely be pins and punts. I will again suggest that you define a time horizon and risk profile before stepping onto the trading field. As today's trippy tape has again reminded us, pressing and guessing is no way to go through life, son.
Senor Brodsky (the man with a tan) will resume his morning nourishment tomorrow and I, for one, am happy 'bout that. As I said earlier, we'll also have a special schnitzel later for those who are hanging in the 'Ville. Further, we should be set up for Mr. Metals next week (not a moment too soon!) as we continue to expand the scope and breadth of our educational content. One step at a time, Minyans, as we find our way through another day.
Have a pleasant evening.
Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at firstname.lastname@example.org.
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